Government Considers Expanding Mortgage Database
FINANCIAL PRIVACY—HONG KONGJanuary 5, 2011
Hong Kong's government is seeking public feedback until February 8 on a proposed expansion of a data-sharing system to include positive and negative credit history for homes and properties, Privacy Commissioner for Personal Data Allan Chiang has announced. Bloomberg reports that under Hong Kong's current system, banks can share only negative data on housing mortgages while both positive and negative data is available for unsecured debt such as credit card borrowings. One financial services expert suggests that if the expansion is approved, it will allow banks to better assess home buyers' credit status.